New Zealand Oil and Gas hits 8-mnth high on production boost in NZ plant

New Zealand Oil and Gas

14/10/2021 04:19

** Shares of New Zealand Oil and Gas  NZO.NZ  climb as much
as 6.1% to NZ$0.520, their highest since Feb. 10 
    ** Shares set for their best intraday session since March 17
    ** NZO, along with JV partners Beach Energy  BPT.AX  and
Genesis Energy  GNE.NZ , has boosted gas supply at its Kupe Gas
Production Station near New Plymouth 
    ** Says increased production boosted plant's full capacity
of 77 Terajoules per day, equivalent of supplying around 15% of
New Zealand's natural gas demand
    ** Adds JV partners investigating potential for drilling
another development well at Kupe to further increase recovery
from field
    ** About 128,825 shares change hands, 4.3x the 30-day
average volume of 29,893; 
    ** Stock down 9.3% so far this year

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))